HB6041 Summary

• Amends the School Code to modify working cash fund provisions for school districts with populations under 500,000 inhabitants, allowing funds to be created, re-created, or increased through bonds and tax levies.

• Permits school boards to issue bonds up to 85% of permitted educational tax revenues plus state replacement revenue, with bonds maturing within 20 years and bearing interest at rates authorized by law.

• Allows school districts to levy an annual working cash fund tax not exceeding 0.05% of property value, with tax levy deadlines extended to the last Tuesday in December.

• Expands the use of working cash funds to support "any and all school purposes" rather than limiting use to ordinary and necessary expenditures, and allows interest earnings to be transferred to funds most in need without repayment requirements.

• Creates new Section 20-10 authorizing school districts to abate working cash funds at any time while maintaining a minimum balance equal to 0.05% of current taxable property value, and validates prior abatements that would have complied with these provisions.